Final Tiffany

Business Policy Final Project

Miriam Niembro

Martha Niembro Lara Ruah

Malgorzata Chojecka

About: ²  Leading competitor in the jewelry industry. ²  Brand that shows value, quality, superior design, and

exclusivity. ²  Sales: Retail, internet, catalog, business-to-business &

wholesale distribution.

Products: ²  Fine & solitaire jewelry, engagement rings, and

wedding bands. ²  Non-gemstone, sterling silver, gold, and metal jewelry ²  Timepieces, leather goods, sterling silverware, china,

crystal, stationery, fragrances, and accessories.

Target Segment ²  Gift-givers & Gift-receivers ²  Self-buyers ²  Special occasions ²  25-45

PART I

COMPANY´S OVERVIEW

Financial Assets

ANNUAL INCOME STATEMENT

January 31 2014 2013 2012

Total Revenue 4,031,130,000 3,794,249,000 3,642,937,000

Cost of Revenue 1,690,687,000 1,630,965,000 1,491,783,000

Gross Profit 2,340,443,000 2,163,284,000 2,151,154,000

Operating Income 304,329,000 697,217,000 708,426,000

Net Income 181,369,000 416,157,000 439,190,000

Financial Assets

BALANCE SHEET

January 31 2014 2013 2012

Assets 4,752,351,000 4,630,850,000 4,158,992,000

Liabilities 2,031,914,000 2,032,118,000 1,810,087,000

Stockholders Equity 2,720,437,000 2,598,732,000 2,348,905,000

Financial Assets

CASH FLOW

January 31 2014 2013 2012

Operating Activities 154,652,000 328,290,000 210,606,000

Investing Activities (246,781,000) (331,146,000) (242,583,000)

Financing Activities (65,426,000) 71,446,000 (213,817,000)

Financial Assets

MAJOR HOLDERS BREAKDOWN

% of Shares Held by All Insider and 5% Owners: 13%

% of Shares Held by Institutional & Mutual Fund Owners: 86%

% of Float Held by Institutional & Mutual Fund Owners: 99%

Number of Institutions Holding Shares: 498

Financial Assets

MAJOR DIRECT HOLDERS

Quatar Investment Authority

Shutzer William A

Kowalski Michael Joseph

Marquis Charles K

Fernandez James N

TOP INSTITUTIONAL HOLDERS

Vanguard Group, Inc. (The) 6.50%

Capital World Investors 6%

Oppenheimer Funds, Inc. 3.43%

State Street Corporation 3.42%

Harris Associates L.P. 3.35%

BlackRock Institutional Trust Company, N.A.

Jennison Associates LLC 2.04%

JP Morgan Chase & Company 1.68%

Ruane, Cunniff & Goldfarb Inc. 1.67%

TCW Group, Inc. (The) 1.66%

Financial Assets

²  Stocks up ²  From “neutral” to “buy” ²  Target $100 ²  Strengths

²  Higher domestic sales ²  Margin rise ²  Operation improvement

http://www.thestreet.com/story/12701109/1/why-tiffany-tif-stock-is-up-on-thursday.html

Physical Assets

²  1st building on 38th street.

²  National Regisrty of Hsitoric Places. ²  290 stores worlwide

²  Headquarters at 5th Avenue.

² Raw Material include ²  Metal

²  Silver ²  Gold

²  Platinum ²  Diamonds

Physical Assets News

²  “Tiffany Reports First Quarter Results; Higher Sales and Margins Generate Strong Earnings Growth”

²  13% increase in worldwide net sales ²  50% growth in net earnings ²  Worldwide net sales rose 13% to $1.0 billion ²  In the Americas region, total sales increased 8% to $439 million.

²  Strengths

²  Periodic comparison of assets providing a trend in growth ²  Explains the trend in asset growth ²  Provide for comparison and enhanced understanding

²  Weakness ²  Does not provide specific details ²  It misses aspects such as deprecia5on

http://investor.tiffany.com/releasedetail.cfm?ReleaseID=849272

Human Assets

²  CEO ²  Mr. Kowalski

²  10,600 Full Time Employees (Yahoo,2014). ²  5,100 in U.S. (2013)

²  Employee Giving Program ²  Time Off

²  Vacation and personal days

²  Requirements ²  Min of 5-7 years of retail/training experience ²  Strong team management skills ²  Strong proficiency with Microsoft Office software ²  Ability to interact with customers and other employees ²  Full education

Human Assets

News ²  “Tiffany & Co. breaks ground on Lexington manufacturing plant ‘’

²  Will employ 125 people ²  25,000-square-foot manufacturing plant ²  NY stores hire more than 60 new employees ²  Products made in Lexington include engagement jewerly

²  Strengths ²  FormaFed to allow for grasping relevant informa5on ²  Reuters is credible ²  Provides precise informa5on

²  On qualifica5ons and experiences of the execu5ve manager

²  Weakness ²  Only provides informa5on on the top execu5ve

http://www.kentucky.com/2010/11/04/1507888/tiffany-co-to-open-lexington-manufacturing.html

Intangible Assets Concept:

True love

Timelessness

Luxury

Sophistication Elegance

Intangible Assets

Reputation: ² Diamonds are real gems ² Assured to get what they pay ² Beautiful and high quality ² Name speaks for itself ² Provides excellent customer service ² Present a good image ² Integrity when it comes to jewelry sales.

Intangible Assets

²  Copyright: ²  Tiffany Legacy

²  Tiffany Celebration

²  Pure Tiffany

²  Tiffany Hearts

²  Tiffany Jazz

²  Tiffany Signature

²  American Garden

²  Atlas

²  Lucida

²  Schlumberger

²  Selections

²  Streamerica

²  Tesoro

Intangible Assets

²  Trademarks: ²  Tiffany Blue Box ®

²  Tiffany Blue®

²  Tiffany®

²  Tiffany & Co.®

Intangible Assets

²  Licensee of jewelry desgins ²  Elsa Peretti, Paloma Picasso, Jean Schlumberger & Frank

²  Peretti & Picasso ownership of copyrights for their designs

Registered Designs: ² Sterling silver screwball keyring ²  "Please Return to Tiffany & Co. New York” ² Registration number

Intangible Assets

Competitive Advantages:

² The brand itself ² Reputation

² Consumer loyalty ² Excellent service

² Registered designs

² Designers ² Trademarks

Intangible Assets

²  Paloma Picasso's Olive Leaf collection for Tiffany & Co

²  Strength ²  Worldwide renown designer

²  Exclusive design

²  Competitive advantage ²  Value = sales

²  Rare = source of inspiration

²  Hard to imitate = no other collection will be the same ²  Exploited = design in different elements

hFp://www.vogue.com.au/fashion/accessories/galleries/paloma+picassos+olive+leaf+collec5on+for+5ffany+co,25732?pos=1

Structural/Cultural Assets

History: ²  1837 – New York.

²  Charles Lewis Tiffany & John F. Young ²  Stationery and costume jewelry.

²  1845 - “real” jewelry. ²  1853 - Tiffany and Company. ²  1940 - Silverware, timepieces & perfumes.

Structural/Cultural Assets Core Principles: ²  Global Presence ²  High Service Standards ²  Commitment Quality and Innovation ²  Marketing & Branding ²  Recruitment & Training ²  Supply Chain ²  Intellectual Property Rights ²  Counterfeit Protection ²  Corporate Social Responsibility ²  Key Growth Strategies

²  Only 1 company-operated store ²  Strong advertising campaigns ²  Differentiated products/innovative designs ²  Effective competitive pricing ²  Weak attempt to cater to men's product categories ²  Weak efforts to offer later store hours of operation ²  Knowledgeable, well-trained sales staff

²  Strong efforts in collection of customer data ²  Good supplier relationship ²  Secure & easy to use Website ²  Strong presence/locations in major US cities ²  Mechanistic structure

Key Growth Strategies: ²  Expand channel of distribution ²  Increase sales by developing new products ²  Increase control over supply ²  Achieve improved profit margins ²  Direct diamond sourcing & internal jewelry manufacturing ²  Enhance customer awareness (marketing & PR) ²  Customer service with superior shopping experience

²  Patrick Dorsey is retiring after 29 years ²  General Counsel ²  Leigh Harlan

²  Strength ²  Actualized vision with previous experience

²  Strong leadership skills

²  Weakness ²  Antiquity

²  Know how to do things

hFp://markets.on.ny5mes.com/research/stocks/news/press_release.asp?docTag=201404110800BIZWIRE_USPRX____BW5076&feedID=600&press_symbol=268527

Competitive Advantages:

² Well-established and performed core principles ² Strategies:

²  Superior shopping

²  Direct diamond sourcing ²  Internal jewellery manufacturing

²  Differentiated products

²  Innovative designs

PART II

COMPANY´S SOCIAL RESPONSIBILITY & THE NEW

BUSINESS ENVIRONMENT

Vision & Mission

”To be the world’s most respected and successful designer, manufacturer and retailer of the finest jewelry."

²  For over 175 years, Tiffany has offered our customers timeless style and quality. As the world’s premier jeweler and America’s house of design, we maintain a standard of excellence in each beautiful piece we create. These high standards extend to the commitment we make to our customers, the environment and the communities in which we work. They are also evident in the way we treat our employees and the benefits offered to them.

Code of Ethics ² The Tiffany & Co. Business Conduct Policy sets forth expectations of

Tiffany employees, including compliance with all relevant laws and regulations.

² This policy also prohibits payment of bribes or the acceptance of payments or other inappropriate gifts and sets expectations in areas such as potential conflicts of interest and political contributions.

Social Responsibility

² The Tiffany & Co. Foundation : has donated, on average, nearly 2% of pre-tax earnings to charitable purposes

² In 2012, Tiffany & Co. provided more than $5 million to nonprofit organizations through our global corporate giving program.

² Responsible Mining

² Supplier Responsibility

The New Business Environment

² Technology: smartphone app.

² Globalization : they oparate stores in America, Asia-Pacific, Japan, Europe and the United Arab Emirates. ² Now they are opening 2 level luxury store in Moscow, Russia.

The New Business Environment

²  Tiffany Raises Profit Outlook on Strength of Sales in China ²  Sales in China now account for about 22 percent of overall revenue,

compared with 11 percent five years ago.

²  Strengths ²  Still growing market ²  Asian people like brands

²  Weakness ²  Soon it might be a lot of competition

http://www.nytimes.com/2013/08/28/business/tiffany-raises-profit-outlook-on-strength-of-sales-in-china.html

PART III

INTERNAL ANALYSIS

1.Production/Operations ² 290 stores ²  Americas 48%

²  US 91 stores ²  Canada & LA 24 stores

²  Asia-Pacific 23% ²  66 stores

²  Japan 14% ²  55 stores

²  Europe 12% ²  34 stores

²  UAE & Russia 3% ²  5 stores

Internal Audit

News ²  The New Tiffany Flagship Store on

the Champs-Elysées ²  1686 - 1st store ²  Yellow diamond

²  Strengths ²  Tourism ²  Global image ²  Sales increase ²  Diverse markets ²  Location

http://www.tiffany.com/WorldOfTiffany/LatestNews/Article.aspx?ArticleID=1597&PageType=2

Internal Audit

2.Marketing ²  Tiffany & Co. brand

²  Core principle

²  Facebook ²  4million fans

²  Twitter ²  U.S & Brasil

²  600,000 followers

²  Pinterest ²  28,000 followers

Internal Audit

News ²  Ogilvy & Mather wins global Tiffany & Co. account

²  4 month period ²  Global market communication partner ²  Brand position & advertising

² Strenghts ²  1 of the largest ²  Experience ² Creativity

http://www.ogilvy.com/News/Press-Releases/February-2014-Tiffany.aspx

Internal Audit

3.Research & Development

²  To promote the development of standards for responsible mining at the large- and small-scale level.

²  To remediate areas where both small- and large-scale mining have occurred.

²  To protect places of natural and historic importance from the threat of mining.

²  To promote economic and social development in areas where the mining of precious metals, diamonds and gemstones occurs.

Internal Audit

News ²  “Tiffany & Co. Breaks Ground on Lexington Manufacturing Plant”

²  Will employ 125 people ²  25,000-square-foot manufacturing plant ²  NY stores hire more than 60 new employees ²  Products made in Lexington include engagement jewerly

²  Strenghts ²  Emphasizes the company’s insistence on research ²  Broader perceptive of research,

²  Such as the benefits to society ²  Provides an insight

²  On the research and development program of the company

²  Wekanesses ²  Does not provide information on the historical progress

http://www.facebook.com/note.php?note_id=493417158697

Internal Audit

4.Financial & Accounting

²  Strengths ²  Revenue growth ²  Expand profit margins

²  Solid financial position

Internal Audit

²  Weaknesses ²  Deteriorating net income ²  Disappointing return on equity

²  Weak operating cash flow

News ²  Stock Upgrades: Stick With Tiffany's Carats

²  More than 6% ²  Street estimate ²  Advances another 1.38%

² Strengths ² Higher stocks ²  Raise price target ² More attractive to invest

http://www.minyanville.com/trading-and-investing/stocks/articles/Stock-Upgrades253A-Stick-With-Tiffany2527s-Carats/5/30/2014/id/55139?camp=syndication&medium=portals&from=yahoo

Internal Audit

5.Information Systems ² Past customer purchases

² Tastes

² Birthday

² Sit-downs sales in its stores ² Superior knowledge

² Product offerings ² Customer history = individual attention

² Countercyclical growth due to loyalty

Internal Audit

News ²  “ISO Standards Information: Tiffany & Co.”

²  Customer service very important ²  Special system for customer relationship ²  Management information system

² Strenghts ² Details on other aspects of the company ²  Effective information system ²  Explains key points ² Video to promote clarity of information

hFps://sites.google.com/site/isostandardsinforma5on/5ffany-‐com

Internal Audit

6.Management Board of directors

Internal Audit

Rose Bravo Gary Costley

Lawrence Fish

Abby Kohnstamm

Charles Marquis Peter May William

Shutzer Robert Singer

News ²  Tiffany Names Ralph Nicoletti as Chief Financial Officer; Jim

Fernandez, Tiffany’s Veteran COO and CFO, to Retire ²  Mr. Nicoletti will be CFO ²  Mr. Fernandez is going to retire

²  Strenghts ²  Experience ²  Helps with worldwide expansion

² Wekanesses ²  Lost great employee ²  New CFO doesn’t know company

http://www.marketwatch.com/story/lieff-cabraser-investigating-possible-securities-fraud-at-great-lakes-dredge-dock-corporation-2013-03-19

Internal Audit

B) Organizational Structure

Internal Audit

Michael Kowalski CEO

Ralph Nicoleg CFO

Frederick Cumenal President

Beth Canavan Exec. Vice President

Andrew Hart Diamonds & Gemstones

Judy Baldisard CFO Diamonds

Caroline Naggiar

Marke5ng

Patrick Dorsey Legal & Secretary

Jon King Exec. Vice President

Victoria Berger Ross HHRR

Pamela Cloud Merchandising

John PeFerson Opera5ons

C) Organizational Culture ²  Long-term development ²  Quality, value, durability, and innovation ²  Customer service ²  Promotion from within ²  Highest ethical standards ²  Commitment to excellence

²  Support communities

Internal Audit

News ²  Former Tiffany Executive Is Accused of Stealing Jewelry

²  Ingrid Lderhaas ²  165 pieces ²  $1.3 million

² Wekanesses ²  Image &reputation ² Vs. Culture ²  Fill position ² Monetary loss ²  Lack of security

http://www.nytimes.com/2013/07/03/nyregion/ex-tiffany-executive-accused-of-stealing-jewels.html

Internal Audit

PART IV

EXTERNAL ANALYSIS: PORTER´S 5 FORCES MODEL

1.Current Rivalry Among Existing Firms

Industry Market Share

Tiffany & Co.

Signet

Bvlgari

Blue Nile

News ²  Signet-Zale jewelry combo is no threat to Tiffany’s luxury

branding ²  Expand jewelry store footprint ²  Focused on midmarket end

² Opportunities ²  Focused on upper markets ²  Luxury positioning ²  Long-term growth initiative

² Threats ²  Partnership = largest jewelry chain ²  Capture middle class market ²  Tiffany´s doesnt offers promotions http://blogs.marketwatch.com/behindthestorefront/2014/02/19/why-tiffany-isnt-seen-impacted-by-signets-deal-to-buy-zale/

1.Current Rivalry Among Existing Firms

²  High costs of capital ²  Consumer loyalty to brand

²  Customized products offering

2.Threat of Potential Entrants

News ²  Pandora Raises Sales Forecast as Cupid Gives Jeweler a Boost ² Opportunities

²  Increasing sales ²  Brand gets worldwide recognition

² Threats ²  A lot of competition

http://www.bloomberg.com/news/2014-05-13/jeweler-pandora-raises-guidance-as-profit-beats-expectations.html

2.Threat of Potential Entrants

²  High Disposable income ²  Connection with the brand

²  High prices

²  Few availability of substitutes & competitors

²  Choose according to experience

3.Bargaining Power of Buyers

²  Great power ²  Few diamond suppliers in the world

²  Power to dictate prices

4.Bargaining Power of Supplier

²  Engagement rings have few substitutes ²  Accessories can be bought at other retailers

²  Zales ²  2,100 stores

²  Lowest prices

²  Blue nile ²  Online retailr

²  Segnet Jewelers ²  Kay & Jared

²  Convenient location (near malls)

5.Threat of Substitute Products

News ²  Hoping to Sell the Emotion of Love (and Rings)

²  Marketing campaign focused on emotions ² Opportunities

² They don’t have the brand popularity ² Threats

² Offer customized jewelry ² More accesible prices ² More locations ² Also appealing for emotions on campaigns

http://www.nytimes.com/2008/11/22/business/22interview.html?_r=0

5.Threat of Substitute Products

PART V

EXTERNAL ANALYSIS: THE GENERAL ENVIRONMENT

²  Interest rates 0.25% ²  Budget deficit 492b

²  Currency value

²  Inflation 2%

²  Consumer spending rose .3% ²  Consumer income

²  Unemployment 6.3%

Economic

²  Population 316,668,567 (07/13) ²  2.4% increase ²  New York 19.3m ²  Los Angeles 12.6million ²  Chicago 9.1m ²  Miami 5.6m

²  Washington 4.4m

²  Gender ²  Female 49.1% ²  Male 50.9%

Demographic

²  Education ²  High school 85.7% ²  Bachelors 28.5%

²  Hosuing ²  Persons per household 2.6 ²  Married couples 51.7% ²  With kids under 18 25.%

²  Age ²  25-54 years: 40.2% ²  Millenials 25%

Demographic

²  People are paying attention to brands ²  Spending more money each year on clothes,

accessories etc. ²  Like to show off what brand are they wearing

Socio-cultural

²  Minimum wage 9$ ²  Code of Professional Practices ²  Anti-money Laundering

²  Conflict Minerals Provition ²  Comprehensive Children’s Jewelry Safety Act ²  U.S. Consumer Product Safety Commission

Political-legal

²  Introduced a new website ²  See the product from different angles

²  New app for smartphones ²  Engagement rings

²  Communicate with other stores worldwide

²  Diamond cut laser

²  Social media use ²  Technology to advertise their brand and products

Technological

PART VI

STRATEGIC FORMULATION

SWOT ANALYSIS

STRENGHTS WEAKNESSES

In-‐House Produc5on Increased debt/interest payments

Strong brand in the fragmented market High prices

Strong direct selling channels Deteriora5ng net income

Broad offering Disspoin5ng return in equity

Revenue growth Weak opera5ng cash flow

Strong financial posi5on No promo5on model

Technological up to date apps

SWOT ANALYSIS

OPPORTUNITIES THREATS

Economic recovery Counterfeit crime

Bridal jelwelry No rewards program

Small store format People spending on first necessi5es

Expansion on product lines (men & millennials) People afraid of spending arer economic crisis

Online market Infla5on on raw materials

Spending on luxury market Other jewellers offering customiza5on

PART VII

STRATEGIC IMPLEMENTATION

²  All our strategies are focused on the following levels ²  Functional

²  Product

²  Marketing

²  HHRR

²  Competitive ²  Differentiation strategies

²  Capture the male market since it constitutes 50.2% of the U.S. population

²  Strategy: ²  Expand men´s product offering

²  Create less “romantic” advertising to create a link with them

²  Don´t portrait them as givers

²  Make them aware of the existing offering

Objective 1

²  Capture the millennial market since it’s 25% of the population and they have a lot of spending power

²  Strategy: ²  Create a special line targeted to millennial segment

²  Give a special name to the line so the “luxurious, expensive” image of the brand doesn't’t get affected

²  More accessible prices

²  Youth, fresh and less classic designs

²  Promoted by young celebrities

Objective 2

²  Create an attachment with the different cultures of the countries in which the stores are located in order to develop a stronger global image

²  Strategy: ²  Make special edition collections with special collaborations

from local jewellery designers ²  Create an attachment to the culture of the place were the

store is located increasing the consumer trust

²  Give a competitive advantage due to the exclusive designs

Objective 3

²  Reward the most recurring customers without affecting the image of the store by promotions or sales

²  Strategy: ²  Create a Rewards Program (The Blue Box Club)

²  20 points per $50 spent on merchandise

²  Each 100 points a $10 reward is given for the next purchase

Objective 4

²  Create awareness and popularity by promoting at big events.

²  Strategy: ²  Sponsor Miss U.S.A pageants

²  Crowns & jewellery made by Tiffany´s

Objective 5

PART VIII

STRATEGIC EVALUATION

Evaluation Objective 1

² Capture the male market since it constitutes 50.2% of the U.S. population

² How to evaluate this goal?

² Measure sales made by men

² Check if adverising is well received

² Did our offer have been changed ?

² Capture the millennial market since it’s 25% of the population and they have a lot of spending power

² How to evaluate this? ² If the line/name and prices have been changed? ² What celebrities were used to promote the

company? ² Collect relevant data about sales (who is buying) ² Are millenials talking about us? (Social-media)

² Create an attachment with the different cultures of the countries in which the stores are located in order to develop a stronger global image

² How to evaluate this?

² Check if the collaboration ended in the creation of collection

² Data about sales of those collections ² Consumer trust increased? (Questionnaires)

² Reward the most recurring customers without affecting the image of the store by promotions or sales

² How customers react to the rewards?

² Growth on sales?

²  A lot of profit lost on those sales?

² Create awareness and popularity by promoting at big events

² Which are the right events? ² Popular among the country

² Customers awareness? ² Rating of the events

REFERENCES: ²  Central Bank. Interest Rates. 2014. Web. 11 June 2014. <http://www.global-rates.com/

interest-rates/central-banks/central-bank-america/fed-interest-rate.aspx> ² Datamonitor. Tiffany & Co. SWOT Analysis. 2012. Web. 1 June 2014. <http://

iln.cite.hku.hk/com/1401/users/kyleung6/26191858.pdf> ² Gupta, A. Tiffany & Co. Strategies. SlideShare. 2008. Web. 14 May 2014 <http://

www.slideshare.net/abhinavcambridge/tiffany-co-strategy> ²  Investors. Tiffany & Co. Official Webpage, 2014. Web. 14 May 2014. <http://

investor.tiffany.com/overview.cfm> ²  Ling, S. Tiffany & Co. Brand. Wordpress. 2013. Web. 1 June2014. <http://

brandtiffanyandco.wordpress.com/about-us/>

REFERENCES: ² Moth, D. How Tiffany & Co. Uses Social Meida?. 20 Aug. 2013. Web. 11 June 2014.

<https://econsultancy.com/blog/63262-how-tiffany-co-uses-facebook-twitter-pinterest-and-google#i.1jdk5kly5jczdu>

²  Tartara, C. Business Strategy Analysis. SlideShare. Feb.2012. Web. 1 June2014. <http://www.slideshare.net/caamch2/tiffany-strategy-presentation>

²  Tiffany & Co. Official Webpage, 2014. Web. 14 May 2014. <http://www.tiffany.com/> ²  Tiffany & Co. About Report. 2010. Web. 14 May 2014. <http://www.tiffany.com/csr/

aboutreport/2010_CSR%20Report_FULL_052912.pdf> ² United States Inflation Calculator. 2014. Web. 11 June 2014. <http://

www.usinflationcalculator.com/inflation/historical-inflation-rates/>

THANK YOU!

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